Assignment of Debt Collection Operations for Banks and Finance Companies from Clients Outside the Kingdom

Saudi Central Bank

Reference No.: 44094297 Date: 1444/12/21 Attachments: None

Circular

To: Respected Parties, Greetings,

Subject: Assignment of Debt Collection Operations for Banks and Finance Companies from Clients Outside the Kingdom.

With reference to SAMA Circular No. (44055679) dated 1444/07/08H regarding the restriction of debt collection assignment operations for banks and finance companies to licensed debt collection agencies, and in response to inquiries received by SAMA from certain financing entities regarding whether the aforementioned circular covers debt collection operations for clients located outside the Kingdom,

we wish to inform you that the aforementioned circular is limited to assignment operations for debt collection of clients located within the Kingdom, and does not cover debt collection of clients located outside the Kingdom, while confirming that this does not prejudice applicable systems and regulations, particularly the financing entities' assignment operations instructions and data protection related instructions.

For your information and action.

Yours sincerely, Yazeed bin Ahmed Al-Sheikh Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.
• Finance companies operating in the Kingdom.
• Debt collection agencies licensed by SAMA.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000